A TD Bank logo in Toronto in 2017.Chris Helgren/Reuters
Stuart Davis, a financial crimes expert who advised Toronto-Dominion Bank as it worked to strengthen its anti-money-laundering controls amid U.S. probes, has left the bank as his contract came to an end.
Mr. Davis, an American with decades of experience in anti-money laundering and regulatory risk management in Canada and the United States, joined TD Bank last summer as an adviser to chief risk officer Ajai Bambawale. At the time, the bank described his position as a short-term contract.
Mr. Davis’s appointment came at a crucial time for the bank, as it navigated investigations by top U.S. bank regulators and the Department of Justice.
Last fall, the lender became the first bank in U.S. history to plead guilty to conspiracy to commit money laundering after a decade of moving money for drug cartels and criminal organizations. The bank was hit with more than US$3-billion in fines and a host of non-monetary penalties, including a cap on its asset growth.
Mr. Davis’s departure comes as TD’s new chief anti-money-laundering officer (CAMLO) Jacqueline Sanjuas makes changes to the bank’s financial crime risk management team.
Last week, Ms. Sanjuas announced the departure of three executives from the team, according to an internal memo seen by The Globe and Mail.
Vice-president of risk and business control programs Sohana Inderlall, vice-president of risk oversight for Canadian banking platforms and technology Caitlin Riddolls and vice-president of data and model management for Canada Rick Hamilton are pursuing other opportunities, the memo said.
Ms. Sanjuas – who was tapped to lead TD’s financial crimes in January after former CAMLO Herb Mazariegos departed – has restructured the unit to focus on “simplifying the financial crime risk operating model in Canada,” according to the memo. She said the changes will “enhance clarity in decision-making, redefine team mandates, and drive greater consistency across the broader team.”
Mr. Davis’s LinkedIn profile indicated his role as a special adviser to the chief risk officer ended this month, after 10 months. A TD spokesperson confirmed his departure, noting that his contract had ended.
When reached for comment, Mr. Davis said he is working with fintech companies on “advanced AML and financial crime technologies.”
Prior to joining TD, Mr. Davis worked at Scotiabank, first as executive vice-president and group head of financial crimes risk management, then later as executive vice-president of internal data protection, according to LinkedIn.
Before that, he spent more than five years as the global chief anti-money-laundering officer at the Bank of Montreal, and has held various roles at USAA Financial Services, First Data/Western Union Financial Services, Capital One and Bank of America.
Mr. Davis’s expertise includes remediating risk management and compliance programs and helping financial institutions navigate regulations around anti-money laundering and financial crime prevention. He is also one of North America’s foremost experts on combatting human trafficking.
TD is undergoing a costly and extensive overhaul of its financial crimes and risk management programs to comply with strict requirements levied by U.S. authorities.
The lender initially hired Mr. Mazariegos, who was based in Chicago, from Bank of Montreal in November, 2023, before the U.S. Department of Justice and banking regulators unveiled the complete suite of penalties.
TD has hired dozens of new anti-money-laundering and compliance employees and is implementing new technology and restructuring the division to enhance its monitoring program.
The lender plans to complete the majority of its remediation actions by the end of 2025 and expects to book pre-tax costs of about US$500-million for the fiscal year.